Crude

Crude basically finished flat today. Range shrank considerably, but still a respectable $1.79, as would be expected when a 4 wave traces.

Based on the size and scope of this retracement, I have labeled the 72.20 H as minuette (iii) and this retracement as wave (iv).

I'm not sure if (iv) has completed or not. We had a bunch of overlapping three's coming off the 70.16 L. It might be a leading diagonal, which would be i of (v) or perhaps an ending diagonal that finished (v) and thus [c].

An additional option is that minuette (iv) is still tracing and that mess could be an x wave. We should find out more concrete answers in tomorrow's trade.

My guess is that (v) has not completed. If that is the case, we should expect upside pressure tomorrow. (i) = (v) at 75.25. The 61.8% projection of (i) = 73.31.

Since (iii) did not appear to extend, there is always the chance that (v) will. This is very common in commodities as opposed to equity's who generally extend their 3rd.

There is also an outside chance that the 72.20 H completed iii. That would basically flunk the proportionality test, so I give it low odds.